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USA

·Mar. 22, 2017

Brock Blake on Small Business Bank Lending

Brock Blake from Lendio discusses his insights from LendIt USA 2017; Blake was a moderator for the panel, "How Banks are Coming Back to SME Lending"; from his perspective he believes banks are proactively innovating to develop better online lending solutions for their business customers; this was evident in comments from panelists at JPMorgan Chase and Bank of America who provided examples on how the banks are innovating after a slower adoption phase that included a competitive market analysis. Source

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Fintech News Roundup Online Lending Real Estate USA

·Mar. 22, 2017

Forbes Talks with Jilliene Helman of RealtyMogul

Jilliene Helman won the LendIt Fintech Woman of the Year award at LendIt's first industry awards show and has led RealtyMogul since 2013 as the firm's founder; offering debt and equity real estate investments as well as a REIT, RealtyMogul is one of the most innovative real estate investing platforms that has evolved from the JOBS Act's new regulations for crowdfunded investments; Helman talks with Forbes about the firm's REIT investment, the experience of its management team, and how economies of scale and the firm's technology are helping the firm succeed. Source

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Fintech News Roundup USA

·Mar. 22, 2017

Deutsche Bank Opens New York Innovation Lab

Deutsche Bank's innovation lab adds to a number of recently opened innovation labs by other large banks in New York City; the Deutsche Bank innovation lab will be looking to identify new ideas, hire talent from fintech startups, and acquire or invest in fintech startup companies; the innovation lab is Deutsche Bank's fourth in the past 18 months with other labs located in Silicon Valley, London and Berlin; a main focus of the New York lab will be testing new technology for the capital markets with a focus on artificial intelligence, cloud computing and cybersecurity; new technologies implemented from the bank's other sites include enhanced credit risk analysis software, improved network risk management and new applications for retail bank clients. Source

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News Roundup Online Lending USA

·Mar. 22, 2017

Lend Academy Article: Lending Club and Prosper Tax Information for 2017

Lend Academy provides details on the tax documents you will receive as an investor in Lending Club or Prosper loans; most investors will receive a 1099-OID which details taxable interest income from investing; other forms may also include a 1099-MISC or a 1099-B; income earned from P2P loan investing is taxed as ordinary income; Lend Academy also outlines details on capital losses and capital loss carryovers which can vary by state. Source

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Fintech News Roundup USA

·Mar. 22, 2017

Video of the Week: How the Trump Administration Views Fintech

The market has currently slowed gains as speculators await more details on Trump administration policies; the Justice Department has taken its stance on the Consumer Financial Protection Bureau's appeals court hearing in May and it seems the next big announcement from the Trump administration regarding fintech is the appointment of the next comptroller; at LendIt USA 2017 Amias Gerety gave some insight on how the Trump administration views fintech and current themes in government fintech debates. Source

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Fintech News Roundup USA

·Mar. 22, 2017

New Insurtech Firm Fabric Launches with Narrow Focus

Fabric is a new insurtech startup that is looking to focus on new and expecting parents; they currently have two offerings, Fabric Instant and Fabric Premium; Fabric Instant is an accidental death policy which you can obtain in two minutes with minimal information and Fabric Premium is their 20 year policy which requires a checkup; they recently raised a $2.5 million seed round from Bessemer Venture Partners for their launch and continued product development; policies are currently underwritten by Vantis Life Insurance at $6 per $100,00 of coverage. Source

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News Roundup Online Lending USA

·Mar. 22, 2017

OnDeck Adds Former Morgan Stanley COO to Board of Directors

Jim Rosenthal will join the board of directors at OnDeck; he was previously the chief operating officer at Morgan Stanley and also served as chairman and CEO; according to OnDeck's CEO Noah Breslow: "Jim is a supremely talented executive whose vision contributed greatly to the success of Morgan Stanley and other organizations. His experience as an innovator at the intersection of technology and financial services, combined with his comprehensive knowledge of financial institutions, will add great value to OnDeck as we build on our leadership as the nation's largest online lender to small businesses." Source

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News Roundup Online Lending USA

·Mar. 22, 2017

Cross River Bank Adds New Board Member

Cross River Bank has added David Cotney to its board of directors; David Cotney brings in-depth experience in banking regulation and specifically bank chartering to the firm's board of directors; Cotney previously served as commissioner of banks for the Massachusetts Division of Banks where he was responsible for licensing and supervision of state-chartered financial entities; his industry experience also includes roles as chairman of the State Liaison Committee of the Federal Financial Institutions Examination Council and chairman of the Board of Directors of the Conference of State Bank Supervisors. Source

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News Roundup Online Lending USA

·Mar. 21, 2017

Prosper Files Annual Earnings Report

Prosper filed its annual earnings report with the Securities and Exchange Commission showing an annual loss in 2016 of $118.7 million from revenue of $132.9 million; the loss compares to an annual loss of $26 million for 2015; 2016 was a challenging year for the industry overall; Prosper attributes the losses to lower loan volumes and higher restructuring and legal costs; in February, Prosper reported a $5 billion deal with a consortium of investors committing to invest in Prosper's loans over the next two years, which has helped to give the firm a much more positive outlook for 2017. Source

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Europe News Roundup Online Lending USA

·Mar. 21, 2017

Kabbage to Expand to Ireland

Kabbage has reported it will open a new office in Ireland; the geographic expansion follows a 50 million euro ($54 million) investment from the Irish Strategic Investment Fund which is managed by the country's National Treasury Management Agency; the Kabbage lending platform is focused on lending to small businesses and the firm expects to help support the Irish small business sector while also creating many high-quality financial services jobs in Ireland. Source

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